Clear Channel Outdoor Holdings (CCO)

CORRECTED AS OF NOVEMBER 11, 2009

San Antonio, Texas November 9, 2009 Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported results for its third quarter September 30, 2009.

The Company reported revenues of $660.6 million in the third quarter of 2009, a 19% decrease from the $813.4 million reported for the third quarter of 2008. Included in the Company’s revenue is a $26.9 million decrease due to movements in foreign exchange; excluding the effects of these movements in foreign exchange, the revenue decline would have been 15%. See reconciliation of revenue excluding effects of foreign exchange to revenue at the end of this press release.

Clear Channel Outdoor’s operating expenses decreased 16% to $507.6 million during the third quarter of 2009 compared to 2008. Included in the Company’s third quarter 2009 expenses is a $25.1 million decrease due to movements in foreign exchange; excluding the effects of these movements in foreign exchange, decline in expenses would have been 12%. See reconciliation of expenses excluding effects of foreign exchange to expenses at the end of this press release. Also included in the Company’s third quarter 2009 direct operating expenses, SG&A expenses and corporate expenses are $6.6 million of restructuring charges and approximately $2.5 million of non-cash compensation expense, compared to non-cash compensation expense of $3.2 million in the third quarter of 2008.

Clear Channel Outdoor’s net loss and diluted loss per share were $34.4 million and $0.10, respectively, during the third quarter of 2009. This compares to net income of $9.1 million or $0.03 per diluted share in the third quarter of 2008. See reconciliation of net income and diluted earnings per share at the end of this press release.

The Company’s OIBDAN was $140.0 million in the third quarter of 2009, a 28% decrease from the third quarter of 2008. The Company defines OIBDAN as Operating income before Depreciation and amortization, Non-cash compensation expense and Other operating income (expense) – net. See reconciliation of OIBDAN to net income at the end of this press release.

The Company filed its Quarterly Report with the Securities and Exchange Commission (SEC) on Form 10-Q earlier today. This Quarterly Report includes further details and discussion of the Company’s third quarter results.